Defence Finance Accounting Service is a reputed agency which works under the US Department of Defence. It is popularly known as DFAS and is headquartered at Indianapolis, Indiana. DFAS was formed in the year 1991 to consolidate the finances and accounts of the three military wings of the United States Defence Forces. Prior to the formation of DFAS, there existed a total of 878 finance and accounting systems which worked independently without any coordination amongst themselves.
This was reflected in the poor efficiency of the department. Hence, the then Secretary of Defence, Mr. Dick Cheney created the Defence Finance and Accounting Service for strengthening the financial management of the United States military. DFAS is an important institution which is responsible for making payments to the employees, soldiers and defence contractors of the United States of America. It also holds the responsibility of providing necessary intelligence related to the business issues to the policymakers in the US government.
It also decides on how to control the flow of funds into and out of the government. All the retired soldiers of the US Defence Forces depend on the DFAS for their pensions. DFAS has been working tirelessly to ensure that the financial needs of the defenders of the US are met easily. Until 2017, the DFAS had managed a total of $980 bn in retirement funds alone and they continue to work tirelessly for the US.
Products and Services:-
DFAS offers the following services to customers-
- Preparing of Annual Financial Statements
- Handles Military Pay
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